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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  January 23, 2015 3:00pm-4:01pm EST

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write about this movie. cheryl: pleasure to have you both on the show. well, that is all for now. i hope that you're making money today. don't forget there's a brand new show starting on fox business, jamie colby hosts "strange inheritance." countdown starts now. lori: thanks so much. right now the nasdaq is higher, the dow and s&p both lower after lackluster earnings and revised outlooks. ups among those citing the huge costs of insuring timely deliveries, the dow off 87 points into the closing bell here. shares down $10.72, huge hit following that news. aerospace and defense stocks also getting a boost in part due to better than expected earnings from honeywell, profits edged up slightly as a result of lower tax. so that helped names like united technologies and northrup grumman to new highs today. it is the last hour of trading, and we're getting insight and
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expertise from the world's most respected leaders and professionals gathered in davos, switzerland, and that's where we find liz claman. let's start the "countdown." ♪ ♪ >> a special edition of "countdown to the closing bell" from davos, switzerland, with liz claman starts now. liz: day three of the world economic forum, it's the plummeting euro and the death of a king that are the talk of davos. let me just tell you, this morning much of the middle ian delegation hopped on planes and left to attend the funeral of king abdullah of saudi arabia. the euro, dropping like a rock today. everybody's talking about that. did draghi make the right decision? coming up, jpmorgan chase international chairman jacob frankel. he was the former governor of israel's central bank. tough to wear that hat back in the day. he's going to tell me what the eurozone must do now to make
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that deal work. plus, the russian oligarch, the world's largest aluminum company, he wants to be part of the solution and not the problem as it pertains to russia's tensions with the west. and you insure that your company won't be hit by cyber hacking? lloyd's of london says we'll do it for you. coming up, the ceo. lori, back to you. lori: looking forward to those fantastic guests this hour. meantime, tokings in -- stocks in flux after disappointing earnings from multi-national companies offset ecb stimulus optimism that sent stocks rallying in yesterday's session. so what headlines matter most for your portfolio? let's get right to the floor show, we've got traders at the new york stock exchange, the cme and the nymex. robert, things are accelerating into the close here. what's going on, do you think? >> hey, lori, how are you? lori: good, thanks. >> good. you're seeing the pressure of the euro. the euro at 1.11 this morning to
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the dollar, and a lot of the multi-nationals are going to have a tremendous exposure to the european union, and you're seeing that this morning. kimberly-clark coming out with numbers that weren't too good, ups down about $10.50, $11 -- lori: yeah, the dollar/euro cross is about 1.12 right now, that is incredibly low. multiyear low versus the greenback. charles, curious if the greek election this sunday is also adding to the bearishness here in the last hour? >> i think it is. i think it's adding a little uncertainty, what you had happen with the swiss, and, you know, thoughts that you're going to see more leftist governments in some of these european countries that have racked up the most amount of debt. it'll be interesting to see what happens over the weekend. all in all, i think the market over the week has done a good job of climbing the wall of worry. i i think they're taking a little bit of profit taking
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today. lori: peter, we heard liz claman talking about so much of the davos participants leaving to attend the funeral of the saudi arabian king who passed away. we did see some instability with the price of oil, that seems to have settled though. what is your reaction to where oil prices are because that, of course, is off is major factor for markets in the recent months. >> i don't want see them changing their attitude -- i don't see them changing their attitude. i think they want to see the market lower, as far as the markets reacting, it still looks very bearish. we were bouncing back and forth at the levels we're at right now on the february board, but sooner or later without anything happening, with supply or demand we should head further south. lori: robert, back to you. what do you expect the best trade will be next week or the most influential one at that? >> that's a great question. right now for next week you've got to see some of the home building numbers coming out on tuesday, case shiller is going
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to be out, it's going to be interesting to see how the home builders are going to react. lori: and i'm curious, charles, a fed meeting next week looking at the housing markets because interest rates, as you know, are rock bottom. >> interest rates are lower, you looked at the last numbers, the permits did slow. seasonally, though, this is the time of year that you do see that pullback, so really let's get a better read on the housing market going into the springtime and see where you see it going back into more of the buying season. lori: peter, what do you think the best trade is next week by way of commodities? >> i would suspect if it gets cold with this forecast, we might have a pretty good pop in natural gas. but as soon as the weather's over with, it will head south again. lori: yeah. pretty dangerous weather here over the weekend. thank you, gentlemen, for participating in the floor show. have a great weekend. >> thank you. lori: back to liz claman now, she has an interview with one of the smartest banking minds in
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the world and is going to unveil what he thinks about the european stimulus plan and state of the global economy. liz? liz: lori, as witnessed by all the attention on european central bank chief mario draghi, central bankers are in the hot seat not just here in davos but, of course, worldwide. why not speak to a form orer governor of a central bank who's a little bit3vk4ñ more free to k about his experiences on what mario draggas has done, jacob freng el, former governor of israel's central bank. welcome, thank you for being here. >> my pleasure. liz: first, your reaction. 60 billion per month in stimulus. >> well, i think it was the right move. it is significant. the magnitude is above the top range of what the market expected, and it's going to last for a long period of time. liz: is it going to work though, to stimulate growth in europe? >> we need to define what it means "going to work."
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will it provide liquidity? the answer is, obviously, yes. will it buy the right assets, namely the sovereigns that have some trouble? the answer is, yes. will it share the risks if things do not go well with the securities? there is an addressing of that issue. so all of that is a plus. will it spell growth? well, that's an important point because, you know, qe or quidy crtiondoesot oducjobsn and oftsel motaryolic othe sotionor owth at i metar picy suosed d an whyoesneuro gw? euro nee to redu its unemployment, europe needs to improve its productivity, europe needs to improve its competitiveness. all of these are issues that need to be addressed by government, not just by the central banks. so why the central bank?
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the central bank's purpose was to to right job. and if, indeed, governments pick up their responsibilities together with their very significant actions of the ecb, the european central bank, it will -- it should work. liz: that's a big if, if governments do their job. let's flip it to the united states. we have not yet seen rates tighten. do you think janet yellen does it this year? >> well, i believe, yes, and i think about it as a very positive development. you know, interest rates all over the world are close to zero, so the conventional policy instrument that central bank always have had at their disposal are practically not usable now. it is the dream of central banks to see the economy sufficiently robust so that they can normalize rates. they call it normalize and raise rates. so if the fed and when it raises rates -- and i believe they will do it in the coming few
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quarters -- this will be a signal to the market that the fed believes that growth is picking up and it is robust enough. will. liz: boy, it's tough to be a central banker. you've got all these cross-currents. how did you as central bank governor of israel keep the politics or the politicization away from your decision making? >> well, that's a very centrally important point. central bank independence has been the sign quo non of all countries. if you are subject to the political pressures, then you sacrifice almost objectives for -- long-term objectives for short-term illusory gains. so it's very important, indeed, to insure that it is done not only by law, but also in practice. in other words, the credibility of the central banks is at stake. i believe, by the way, that the united states federal reserve has demonstrated sufficient independence in the sense of sticking by the guns, and it's
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extremely important that there is a communication system that explains to the market today central banks are part of a dialogue, a dialogue not with politicians, but with the markets. and it is in this regard a major effort. liz: jacob, a lot of people are talking about issues here not just about global economic weaknesses, but terrorism. what do you think after being in davos for a couple of days and listening to opinions is the biggest threat to global instability right now? >> i think it is the geopolitical uncertainties, and terrorism is a disease that is very, very contagious. there was a period that there was a lot of naivete in talking about terrorism, that it is very localized, very regionalized, and if it's there, it's not going to be elsewhere. by now the nature of terrorism and the equipment that is being used -- including cyber, by the way -- represent a global issue. and if you want to keep global
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markets, you need to address those issues and global threats at the global level. liz: amen. we'll see if that happens. >> it's essential. it is essential. if next year we sit here and you will continue saying amen, it means that we are still in the prayer stage. it is now for the action stage. liz: jacob frenkel, jpmorgan chase international. we thank you. >> my pleasure. liz: lori, back to you in new york. lori: the dow is down 90 points just off the worst levels of the session, 106 deficit is the lowest level for the dow, its biggest decline, i should say, in points so far this session. don't forget, the dow did rally 259 points yesterday. so when you look at satisfactory earnings, a key election in greece, presidential election in greece on sunday, perhaps investors thinking it's time the take profit off the table n. any event, the closing bell rings in about 48 minutes. we are watching the markets very closely. could we see a comeback in the
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final moments of trading, and can you guess which sector is the highest performer of the day? here's a hint. normally a safe play, and it's usually immune to currency swings. we'll return to davos once again and liz. liz: coming up, enter the billionaires. they look through a different prism here in davos. ♪ ♪ your daughter has a brilliant idea for her science project. and you could make it happen. right? wrong. because you're not you, you're a cancer hospital and your daughter... she's a team of leading researchers... and that brilliant idea is a breakthrough in patient treatment that could save thousands of lives. which means you need a diverse team of advisors helping you.
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lori: 44 minutes to the close as we continue our countdown. let's have a look around the markets here. stocks are down, we had a 1.5% rally for the dow yesterday, right now off about 83 points, off the worst levels but down nonetheless on perhaps some concerns ahead of the greek presidential election on sunday. let's see if we can move it along and take a look at interest rates. there's a look at the benchmark ten-year treasury yield, 1.81%. not the lowest on the yield at this mature the i we've seen in rece trading ssion but deprsedoneeles and credlyurpringiven e fderaleser has td us timend tme aint'sgoin rai ent rat at so
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poin-- interest rat at some point this yr. by the way, the fed meets on wednesday. the euro/dollar exchange is really the story with the euro continuing its plummet, 1.12 against the greenback on the heels of tha ecb monetary easing announced yesterday. it's really crushing thendors in and the sengtofhe s. doar. l rit, l'sheadack to lizlamho wil ge us impsinto the dos llioire'litendheir tloofor e gba enomy liz? liz:longithhe ctral baers o arhere in dos an of urse torld leads artheorld billnair. je gree wh ofcour,s frommeri, i e spewith hi rlie taynd aed m whe doou see thottt eas grth, a whe wou yoput yonvesents no he's wthe sa. >>echnogy a rotic arfici inlligce. theye gog to bring health catize, they'r w otherwise
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wouldn't have had it. so i think it'll be, ultimately, the great equalizer, but in the short time the big and scary disrupter. liz: jeff greene also telling us that apple was his best trade of 2014. now, from american billionaires to russian billionaires, we've got oleg derapasca, the chief of the world's largestuminum company. welcome and thank you for coming on fox fox business. you employ lots of people all over the world. you just came from an ebola meeting because you're the largest employer in guinea, and you're building a hospital. ebola, how serious a threat is it, do you believe? >> it is very serious, and we've been very lucky. this time we've been very lucky, and that was one of the subjects in the meeting, how to prepare ourselves for the next case which will definitely happen. liz: people are talking about ebola, terrorism, but they're also talking about western tensions with your country,
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russia. how are the sanctions affecting you and your company? >> we're not directly affected, of course, but because of pressure on russia and oil slump, you know, it would be significant pressure on russian economy, and it will be an effect. liz: we had andre cost anyone on day one of davos, and he said, you know, ukrainian business people and russian business people actually get along, it's the old decisions that don't. have you had an opportunity to talk to president putin, vladimir putin, about -- [laughter] he's starting to smile, about lessening the tension and maybe coming together with the west once again? >> kostin was absolutely right, and you can see on his event yesterday as well as a lot of ukrainian businessmen, and we all discuss which would be best way, and it seems the best way is to start talking about the economy. of course we need to stop the strategy in eastern your crane, but -- eastern ukraine, but i think both sides very close.
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it's just a matter of intensity of the action. and i think from political point of view i'm not sure that in the west there is a proper understanding what russia wants and what russia take as an action and was the latest initiatives from russian side. i think it's very tough because no one really knows where ukraine is. for many people it's a new discovery, but for us it's, you know, as i said, it's a tragedy. 70% of russians have ukrainian relatives. it's not something -- [inaudible] we need to stop it as soon as possible and then, you know, we need to start in a normal relation. and i think west, yes, it's incentive. don't forget the sanction heat not politician, sanction hit middle class in russia, private business, and i don't think
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people somehow engage in anything, you know, what's happened in ukraine. and i think it's not good thing, you know, to put pressure on people who work hard, you know, to help economy grow. liz: well, look, you're lucky that aluminum happens to be denominated in u.s. dollars, so it's not directly affecting you at the moment. but how is your business doing? i mean, let's talk about trend in the auto industry. the ford f-150 uses aluminum. are you part of that trend? >> of course. we produce material, and we produce it rather cheaply. if you look at aluminum on the, you know, has a price which was in the mid 90s. it's very affordable, and we're developing a lot of new alloys with our part they ares and with a lot of r&d that was spent, and now it can be used in any way. and that's why growth in consumption in the last year was 7% and will be the same this year. there is more and more implication. we develop can alloys, there
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will be application and packaging. it's recyclable, as you know, it's lightweight. more substitutions, and more important it's very cheap. liz: and it's strong and safe, you say. >> new alloys. old alloys material you can use it in airplanes and use more in infrastructure soon. it's just coming. liz: it's great to have you. we'll be watching, of course, the relationships with the west. i wish that they'd hear from business people versus just the politicians, and maybe we'd get something done. oleg deripaska, thank you very much. rusol was russia's best performing stock in 2014. lori: we are now about 38 minutes from the closing bell. after super mario's rally, stocks trading lower now as we
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head into the trading bell. what's wearing on investors today? we'll do our best to break it down for you. but first, back to liz in davos for a glimpse of what's coming up next. liz? ♪ ♪ liz: as the snow starts to swirl here in davos, so does the gossip and the chatter in davos dish. that's next. ♪ ♪ she inspires you.
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. lori: breaking news from the new england patriots. we are now hearing from the owner, robert kraft, just putting out a statement on so-called deflate-gate. saying he first learned about
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the investigation on monday after that quote, i instructed, from robert kraft -- there you see tom brady, the quarterback, addressing the media and the public yesterday, saying he had no involvement with these deflated footballs, before brady spoke to the press. the head coach bill belichick reiterated the comments. he said he had no involvement or idea until monday morning until after the game when the new england patriots blew out the indianapolis colts to earn their super bowl berth. back to the markets. the blue chips are under pressure, the dow off 94 points
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at the moment. off the worst levels but still depressed. major averages on track for a winning week as we enter the final half hour of trading. let's go to nicole petallides on the floor of the new york stock exchange with the biggest movers. >> reporter: easy to find the winners, obviously a great rally under way. some of it stemmed early in the week when we heard about a bond-buying program over in europe, and only to have that come to fruition later in the week. there's a look at nasdaq and the s&p. all three major averages are higher. nasdaq up 2.7% and the s&p up nearly 2% for the week. the transports and the russell higher. some of the winners, united healthcare, ge and united technologies are some of the best purchasers on the dow jones industrial average. ge came out with numbers today, netflix was a winner, up almost 30%. the airlines rocket. and on the downside, the losers, mcdonald's, we know about sales numbers, verizon, telecom didn't do that well
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this week. we saw ups and johnson & johnson some of the laggers, i'm mixing together the s&p and the dow to give a broad-based feeling. it was a winning week on wall street. traders like the energy, impacted well and the consumers did well. and we have been looking abroad where it was stagnant. lori: a winning and wild week. a half hour to go on the session and the entire week. volatility was certainly a theme. as was heavy volume, and it was a big day for the box. the company called box, after two false alarms, finally made a debut on the new york stock exchange. it will start a trend for tech company ipos? back to davos to see what liz has coming up. liz: from cybersecurity to famous dancers and the tongues of famed coffee baristas, lloyds of london ensures it
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something positive. >> i'll tell you why? >> i saw a headline with the french president saying terrorism is a growing threat. if that's what's been reduced to. that's the problem with this place. it's all hat, no cattle. i did go parties last night. this is where the real deals go down. you talk to entrepreneurs. they love it because they meet other entrepreneurs, wall street guys, they do deals. they admit that most of the program is nonsense. >> oh, oh, okay, charlie and i are going to disagree on that. this is eighth or tenth year, i can't remember. there are positive things that come out of events. one major positive that will happen on the entrepreneur front, money will be raised here for a lot of these successful businesses. liz: speaking of money, i moderated a panel today of latin american central bankers. we had among them, colombia, mexico, huge, huge nations and, of course, brazil. >> positive things going on in
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colombia right now. liz: exactly. they want to talk about entrepreneurial spirit and want to get the american spirit of start-ups. >> trying to get to you say something positive. >> invited to the big parties, want to get you blown out of the parties. >> i would have a panel and a real panel of real entrepreneurs. anthony scaramucci, jack ma. how they turned a dollar. there are countries like india and china embracing entrepreneurialism. there are countries, 90% of europe is not. chinsa and india are growing, europe is not. why are we hearing that? >> i accept what you're saying, i think this is one of the best events for the reason that the 2,000 people. we have more heads of state than any time in davos. liz: a lot on "countdown to the closing bell." >> the intersection of activity and traffic that the world needs. where the world is converging, technology is converging with asset management, converging
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with health care. liz: okay, as we finish up, parties, rattle them off. where are you going today? >> at oleg's party, the russian plutocrat. i'm going to the shabaud dinner. liz: charlie? >> i'm hanging out with brian steel of cnbc. liz: charlie. >> i'm close to them. >> you're their favorite person. liz: yahoo!'s party. >> you're their ex-employee. liz: all three of us. great to have you, davos dish, shall we say next year? >> leheim. >> beautiful mountain snow at the parties. lori: there are the benchmark averages, the dow at a session low down 109 points after a 1.5% rally sparked by the ecb. so some pause today. s&p off four tenths and the nasdaq is higher, the only
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index in the green today. 30 stocks comprising the dow jones industrial average. ge leading gainer on the index after reporting a better-than-expected fourth quarter driven in part by growth in the industrial segment there. down $1.77 over the problem over oil prices plummeting recently. companies, there's a look at oil today, $45.43, one of the lowest levels in the last couple of sessions. gold is reversing course, down 7 1/2 dollars per troy ounce. companies always try to protect themselves against the unforeseen, but can't do it alone. back to liz with one of the most famous insurers to see what the hot new market is this year, liz? liz: whether it's ebola, terrorism, or even body parts, lloyds of london can insure it. what does it see as the biggest market in 2015?
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let's ask the brand new ceo inga beale, with us in davos. are you having a good davos, inga? >> yes, fantastic. my first one, actually. i'm learning a lot and meeting great people. liz: insurers are huge when it comes to the leaders and the central bank the governors are thinking about. what have you talked about most? what conversations have been your focus this year? >> yeah, so being one of the big insurance markets in the world, we focus on all sorts of different products and the biggest product we've been talking about is cyber. cyberinsurance. cyberis one of the big, big threats to businesses these days. every year we do a survey of business leaders and say what are the big risks? cyberrisk has jumped up to 3 from 20. liz: inga, how much does it cost to insure a company against cyberterrorism. we want to put a price tag on that, we talk about it a lot on fox business.
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>> we can't give individual information. the premium was 850 million globally two years ago, it's gone up to 2.5 billion already. most of that is in the u.s. we have to help the rest of the world understand it's a threat to them. liz: what about the terrorism we saw in france or that we are seeing around the world in the islamic militant terrorism seems to be exploding and worrisome to a lot of the participants at the world economic forum? >> terrorism like that is a growing concern for all businesses. most parts of the world that's covered by the government or some arrangement and the terrorist attacks are not covered by general insurance because of the nature of the attack. liz: what about interruption of business? >> yes, there can be special policies sold that will cover you if your business is interrupted, but often if it's due to a terrorist attack, there is something specific against a government, it may
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well be excluded from regular insurance. liz: which type of insurance, does it amaze you that companies should have but don't in this day and age? >> cyberinsurance is the new one. one that's been around much longer i'm surprised is not more takeup on is supply chain insurance. if you think how interconnected the world is these days, people are sourcing raw materials to the other side of the world. catastrophes can happen and we saw it with thailand in 201, 1 all the semiconductor plants flooded. nobody could get the bits to computers. seldom do people insure appropriately for it. liz: you do everything from energy to marine to motor insurance. let's get to the stuff that lloyds of london is known for, the body parts insurance. give us an example what you do in that realm? >> we will do models and all the rest. the one i love is the tongue of the coffee barista. the taster for the coffee
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companies, we have to insure their tongues so they can keep on at their profession. liz: the taste buds are crucial. the legs of famous dancers. vocal chords, things like that? >> yes, anything that people want to protect that's precious to them, we're your market. liz: what is the most interesting person, conversation, you've been a part of, you heard in davos this year? >> the thing i loved is the session i joined escaping from poverty and talking about immigration and how it's affecting economies in countries. and the increased sense that people are a bit resistant to immigration in countries. big topic here and i enjoyed. that learned a lot. liz: there's much more to be seen on the final day. great to see you, inga. thank you so much. >> great to be with you. liz: the brand-new ceo of lloyds of london but the first female ceo. good for you. >> thank you. liz: enjoy it. lori: congrats, amazing week in
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davos but you're not done yet. in the 4:00 p.m. hour, liz will be interviewing bain and company chairman and former economic adviser to president clinton and cisco systems chairman and ceo john chambers, don't miss it. the closing bell 16 minutes away. the stock hitting session lose at the moment. next week will be critical again for the market. your money has a lot to watch out for. we'll give you a preview of next. a davos exclusive with microsoft founder bill gates. he spoke with maria bartiromo and how they're doing on the job. >> it's a very competitive business, driving the company to lead in the cloud areas that we hadn't been the leader before, so i'm excited. he's got, there's a certain energy about the company, and he gets advice from me on particular areas and i'm glad to help. the lightest or nothing.
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see car insurance in a whole new light. liberty mutual insurance. . lori: and the selling appears to be accelerating to the closing bell, about 10 minute away. the dow off 117 points. not the worst levels of the session. it was down in excess of 120 points but were weak nonetheless. nasdaq holding up slight gains, up 9 points at the moment. we'll bring back market experts to investigate where the worry is, if you will. in the meantime, the big day finally here for online storage company box. the company ipo'd at the new york stock exchange, the ticker symbol is b-o-x. jo ling kent was at the opening
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bell and with the ceo. >> it is nowhere near being profitable, they needed to raise money. they were supposed to ipo 10 months ago, deeply delayed. the issue is all of the competition, not just other start-ups, we're talking about microsoft, citrix. lori: big competitors. >> with a lot of money behind them. i asked the ceo how he's going to differentiate himself for shareholders in the long run. here's what he said. >> we've always had competition in the process. what we do at box is we have the enterprise scaleability, the industry compliance, the regulatory capability and the salability for large enterprises but the solution in our daily lives. >> they've been able to narrow losses over the last nine months. about a year. they are doing much better, much more efficient. as for the current health,
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ratings rated them 23 out of 100. it's not good. when i asked him about this, this is what he said about the health right now. >> what you see from a financial profile standpoint. they're acquiring customers but built a base of 44,000 enterprises and businesses that will to know pay us if we're doing our job. >> the ceo aaron levee. lori: how old is he? >> 34 years old. they tweeted a congratulations to him. so did tim cook, the ceo of apple, tim cook and him will be talking about what it will be like to leading a publicly traded company. lori: so much to watch. even with today's selling, stocks are on track for the first winning week of the year. next week chock-full of earnings that could move the markets and a fed meeting. we have a greek presidential election that could be what's
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bringing the sellers here to market. joining me to break it all down from the cme, chris robinson, welcome back from the new york stock exchange. robert hackel. what's your take here, we're seeing the selling accelerate here? >> definitely doing that, and it does have to do about the greek political situation and the elections on sunday as well as, as you said earlier, the markets have been heading up and you had a big day yesterday in the markets and a sell-off right now. lori: thanks, rob, want to get chris' take on the sell-off right now? >> well, the sell-off in quotes. this time last week we were at two-month lows, we were at 5% off the highs, the dow at 17,125. i think that's going to be what the market is looking at. i'm going to call it the 5% solution. if we were to take out the two-month lows on the charts, you get more acceleration to the downside. remember, when the dow is at 18,000, a 5% move is 900 points. you can't get too, too excited
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when you have 100, 200, 300 point days. it's a percentage move we have to focus on. and we're going into the weekend, obviously guys hedging over the weekend, but we're still awfully near all-time highs. december 26th, the day after christmas. that wasn't that long ago, we were at record highs. all in all, we're in good shape. if we take out the 5% low, you might get more downside pressure. lori: all things in perspective. you make a fantastic point. chris, it has been volatile, though, and for the average investors, that could be nerve-racking. what's your advice here as we approach the fed next week, the greek elections on sunday that we've spoken about. earnings have been lackluster, so many things to keep in mind in your investment decision. >> well, i think for average investor if you have a
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long-term horizon, it's a cliche, you can't get too excited about the volatility. unless you're a professional trader, i would look at the market once a week, twice a week, wouldn't get too excited. i would watch and if you're worried about downside, the only way to hedge yourself if you're long 401(k) or ira, set aside money and have cheap puts on, and s&p put or dow put, one s&p contract can cover half a million dollars worth of long stocks. take a look at that. educate yourself about what a put option can do to hupp sleep better at night. lori: we saw the vix, the fear index, the volatility index up a point and a half today. the theme of late. gentlemen, thank you so much. appreciate it. >> thank you. lori: five minutes from the closing bell. we're watching the markets head into the close, there's a look at the dow off 137. that's i believe the worst level of the session here. lot on investors' minds.
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16,676. we are in good shape for a positive end to the entire week. we will catch up with patrick burn, the ceo of overstock.com. he launched online farmer's market. see whether patrick believes lower gas prices will mean that consumers will spend more out of their pocketbook this quarter? . for respawn, building the best interactive entertainment begins with the cloud. this is "titanfall," the first multi-player game built and run on microsoft azure. empowering gamers around the world to interact in ways they never thought possible. this cloud turns data into excitement. this is the microsoft cloud.
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sometimes they just drop in. always obvious.
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cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. . david: we are just off of the session lows. 146. but close to it. not a lot of conviction going into the weekend here. let's go to nicole petallides at the new york stock exchange. nicole, i notice about 2:30 eastern time this afternoon is when the market began to slide, get close and into triple digits. that was about the same time news came out from greece that their left wing candidate was up in the polls. they got their election sunday. did that have anything to do with it? >> i've certainly been talking with the traders and reading about it. we go to the story about the
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greek elections, the eurozone as a whole? what happens to greece? do they consider leaving the eurozone? we've had a great week on wall street, could be people taking money off the table after a great week. david: that's true. oil down again, refiners were up. valero had good numbers. >> i was talking with mark newton and he said that, we saw gains abroad and home and sector rotation where we saw energy and discretionary. david: ups not already, a 10% drop, how about that? >> they're going to do pricing going forward. right here domestically they had problematic numbers, down about 10%. david: from bad to extraordinary. box. of course, any company that has an ipo does well. tell us about it? >> 65% to the upside to the close. did not lose momentum. this is a data storage company,
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competes against microsoft, google, citrix systems, they held it off for better conditions. david: hats off to box, but our hat is not off to the markets in general. again, the dow is close to session low, just off the session lose, down about 141 points. the low for the day 146 points. nasdaq managed to eke out a slight gain into the green. that is the only index in the green today. a busy day. people not wanting to get too heavily invested because of what's happening again over in europe. we got it all covered, including patrick byrne, founder of overstock.com in just a minute. "after the bell" starts right now. . david: we have a big hour coming up, as i said. ceo patrick m. byrne from overstock.com is here. lauren thick is joining us with test drive

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